[This partner content is from Investment NSW, which hosted the 2023 IoTAA State of the Nation event.]

The NSW Government’s Emerging Digital Technologies Strategy of 2023 listed Internet of Things (IoT) as one of just eight focus technologies expected to have rapid diffusion and uptake in the coming decades.

IoT technologies, of course, already have a well-deserved reputation for enabling digital transformations that positively impact business productivity.

But the appeal of further IoT-driven innovation lies in the areas that matter most to our society: supporting our transition to net zero emissions, delivering reliable and affordable energy to homes and businesses, and removing bottlenecks in the construction sector.

An opportunity predicated on trust

For Australia to remain competitive on the global stage, our size and scale mandates the early adoption of connected technologies. But investment will only flow if there is sufficient trust in the supporting infrastructure, the devices themselves, and, critically, the way data is handled.

Here in NSW the State’s Cyber Security Strategy explicitly recognises that the confidence needed to advance digital adoption rests on a trusted environment, with cyber as the spine of a strong digital society.

This makes us the ideal place to pioneer and invest in the technologies driving progress in these important sectors.

Part of NSW’s advantage is due to the infrastructure in place. Fully 46 percent of Australia’s software provider businesses are based in Sydney, and the city is home to research and development facilities of industry giants Microsoft and Google. Amazon Web Services is investing billions to expand its cluster of data centres in New South Wales.

The talent pipeline is another strength, with six of the world’s top 200 ranked universities calling NSW home.

Innovation districts and accelerating digital technologies

We need to keep building on the strengths of our digital technologies, and our innovation districts such as Tech Central will play a vital role.

Clustering innovators together encourages knowledge flows and spill overs between industry, researchers and entrepreneurs. Tech Central’s scale is truly impressive – it’s a $68 billion dollar innovation ecosystem that attracts approximately $1.3 billion annually in early-stage funding. Its five unicorn residents have a combined market capitalisation of $89 billion dollars.

Augment this with a landing pad for regional entrepreneurs at the Sydney Startup Hub, which will soon to be matched with one for international entrepreneurs, and you have a secure work and collaboration space for businesses visiting Sydney.

In short, New South Wales has the infrastructure, the capabilities, and the people to further develop the technologies that will support Australia’s IoT sector and make it globally competitive.

As a group of enabling technologies, IoT can drive productivity across sectors that touch almost all parts of the economy – from energy to agriculture, transport and construction and many others. That is why the NSW Government recognises its importance and is proud to support the industry.